Sell USDINR; target of : 82.50 : August 31, 2023: ICICI Direct

Rupee

ICICI Direct's currency report on USDINR

Rupee depreciated yesterday amid dollar demand from importers and FII outflows from equity markets. Further, rise in crude oil prices weighed on domestic currency • Rupee is likely to appreciate today amid weakness in dollar and decline in US treasury yields. Dollar is showing weakness as soft economic data from US raised the bets that US Fed is done with its tightening cycle and will hit a pause button at next month’s policy meeting. US Private payrolls rose less than expected in August and US economy grew at a slightly less brisk pace than initially estimated in Q2 2023. Additionally, all eyes will be on personal consumption expenditure to get new clues on interest rate outlook. US$INR is likely to slip towards 82.45 level as long as it stays below 82.70 level.

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